Principal Financial Group^® announced today May Tong will join Principal Global Asset Allocation ($150 billion AUM¹), the specialized global asset allocation investment team of Principal Global Investors^®, as a portfolio manager. Principal^® has a strong history of implementing research-driven, multi-asset class solutions including the Principal Strategic Asset Management (SAM) target risk portfolios, the Principal LifeTime target date fund series, and several other multi-managed, outcome-driven strategies to meet investor outcomes. The addition of Tong to the team will further support the firm’s efforts to meet client demand for more holistic outcome-oriented portfolio solutions.

“We’re committed to delivering long-term risk-controlled investment performance, unique investment outcomes, and differentiated offerings,” said Todd Jablonski, CFA, chief investment officer, Principal Global Asset Allocation. “May brings significant portfolio management experience solving for a variety of client outcomes including retirement income, target date, target risk, and 529 plans. Her expertise and perspective will help to guide our dynamic outcome strategies and future product offerings to help meet client needs globally.”

Tong will join portfolio managers Jessica Bush, Marc Dummer, Kelly Grossman and Ben Rotenberg in managing the firm’s $10 billion¹ outcome-oriented solutions including the following flagship solutions: Global Diversified Income strategy, Diversified Real Asset strategy, and the Diversified Select Real Asset Strategy. The processes and strategies will remain unchanged. The investment team will collectively contribute to the direction of portfolios and will be further supported by the specialized multi-asset research areas within Principal Global Asset Allocation. The investment team, which collectively has more than 100 years of experience, is well-positioned to continue the success the portfolios.

About May Tong

May comes to PGAA with close to 20 years of portfolio management experience, solving for a variety of client outcomes including retirement income, target date, target risk and 529 plans, most recently for Franklin Templeton’s Investment Solutions group. Tong has developed, managed, and grown billions of dollars of global multi-asset strategies and is skilled at developing and implementing investment philosophies and methodologies including risk budgeting and portfolio construction. Prior to her work at Franklin Templeton she was a portfolio manager and Head of Portfolio Implementation & Management team at Voya Investment Management. May received her MBA from Columbia Business School. May has earned the right to use the Chartered Financial Analyst designation.

About Principal Financial Group^®

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 17,000 employees² passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 34 million customers³ plan, insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of the World’s Most Ethical Companies⁴, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management⁵.” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.

About Principal Global Investors^®

Principal Global Investors^® leads global asset management at Principal^®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.

At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.

Principal Global Investors manages approximately $550.6 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of March 31, 2021). To find out more, visit us at principalglobal.com or principalfunds.com.

Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

¹ As of March 31, 2021

² As December 31,2020

³ As December 31,2020

⁴ Ethisphere Institute, 2021

⁵ Pensions & Investments, 2020

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